Bogotá, May 2026. Pei, a leading real estate investment vehicle in Colombia, closed the first quarter of 2026 with operating and financial results exceeding expectations, in a challenging macroeconomic environment. In this context, the fund demonstrated the strength of its income-generating asset portfolio and advanced its optimization strategy through disposals, strengthening its ability to generate value and distribute returns to investors.
Divestments and cash flow
The strategy of portfolio rotation and optimization continues to deliver tangible results. During the quarter, Pei finalized the divestment of 51% of the Plaza Central shopping center and the Davivienda Palmira commercial asset, at levels close to net asset value (NAV), demonstrating its ability to monetize assets, generate strategic alliances, and capture value in demanding market conditions.
These resources contribute to strengthening the company’s capital structure, improving its liquidity, and enhancing its ability to reinvest in assets with greater long-term value generation potential.
As a result of this management, Pei announced to its investors the distribution of cash flow amounting to approximately COP 61.000 million, equivalent to COP 1.220 per share. This distribution incorporates both the results of 2026’s first-quarter portfolio operation and the resources derived from the disinvestment of the Davivienda Palmira asset.
Financial results
Revenue in the first quarter reached COP 220.102 million, representing a growth of 6,9% compared to the same period last year, exceeding the inflation rate over the past twelve months. This performance is attributed to rigorous portfolio management, a commercial strategy focused on attracting high-quality tenants with long-term contracts indexed to inflation, and the growth in revenue from the Hotel Sofitel Barú Cartagena asset, driven by increased occupancy and Pei’s increased participation in this asset starting in December 2025.
Net Operating Income (NOI) reached COP 189.288 million, with a growth of 8,4%, while EBITDA reached COP 160.707 million, with an increase of 7,1%. Margins recorded growth for the quarter with values of 86% NOI margin and 73% EBITDA margin, reflecting adjustments in rental rates and continued efficient management of operating expenses.
Operational results
During the first quarter, contracts for 14.469 square meters were renewed at a rate of 96,8%, with a physical vacancy rate of 6,71% and an economic vacancy rate of 7,31%.
The addition of two new floors at Atrio, one of the company’s most representative assets and a benchmark in Bogotá’s prime office market, highlights the appeal of differentiated assets in an environment with increasing tenant selectivity. In terms of sustainability, the Capital Towers asset received LEED certification for Operations and Maintenance (O+M), further strengthening the portfolio’s position in response to growing demands from institutional investors regarding environmental, social, and governance (ESG) practices.
Capital market
During the first quarter of 2026, the market environment was characterized by increases in the monetary policy rate set by the Central Bank of Colombia, amidst persistent inflationary pressures that raised inflation expectations towards the end of the year. This context, combined with fiscal and geopolitical factors, led to adjustments in equity prices and a shift in portfolios towards short-term fixed income instruments.
In this scenario, Pei’s title experienced a correction in the secondary market, moving from COP 79.960 to COP 66.000 between December and March closings. This behavior is due to external macroeconomic factors and not the fundamentals of the vehicle, which continue to show strength and growth, creating a difference that may represent value opportunities for long-term investors.
The trading volume during the quarter was COP 134.622 million, with an ADTV of COP 2.207 million. Despite the circumstances, the investor base grew by 17,5%, with the addition of 1.553 new participants, reflecting confidence in Pei as a long-term, non-speculative real estate investment alternative.
These results reflect Pei’s ability to execute its long-term portfolio optimization strategy even in challenging environments, and maintain controlled cash flow generation. In this way, the vehicle continues to solidify itself as a robust real estate investment alternative, focused on creating sustainable value for its investors.
About Pei (PEI CB Equity)
Pei is a structured and managed real estate investment alternative offered by Pei Asset Management for over 19 years, pioneering in the Colombian capital markets with more than 10,400 investors. It has consolidated a portfolio of income-generating assets with high specifications, covering more than 1.15 million square meters of leasable area, with a diversified base of approximately 1,500 tenants and presence in 32 cities and municipalities throughout the country. The portfolio is valued at over 10.3 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized.